Manvendu Bharadwaj vs. DCIT, International Taxation, Gurgaon

Parties Involved

Facts Summary

The assessee, Manvendu Bharadwaj, did not file his return of income for Financial Year 2017-18, relevant to the Assessment Year 2018-19. Information was uploaded by DDIT (Inv.), Unit-3(2), Delhi on the Portal based on an investigation done in the case of M/s Skysharp IT Solutions Pvt. Ltd. According to the information, the assessee had sold Bitcoin amounting to Rs. 1,40,96,785/- during FY 2017-18 but did not file ITR for the relevant period. The assessee claimed that he had purchased Bitcoin amounting to Rs. 76,79,651/- and sold the same for Rs. 76,93,373/-, which he duly reported in ITR. However, the AO noted that the assessee had purchased Bitcoin of Rs. 91,84,422/- and sold the same for Rs. 1,40,96,785/- during FY 2017-18. The assessee's contention was not found tenable. The assessee argued that the summary statement from M/s Skysharp IT Solutions Pvt Ltd was unreliable due to a hacking incident, but this was not accepted by the AO.…

Legal Issues

• 1. Addition of Rs. 49,12,362/- on account of unexplained short-term capital gain

Judgment Outcome

Decided in favour of Revenue.

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